BANKING AFFAIRS

Detailed explanation-1: -English Releases. Indian coinage went decimal on April 1, 1957, ten years after it gained Independence from the British. Though coins as units of monetary value have been in use for 500 years or so, India’s history of modern coinage is only about 200 years old.

Detailed explanation-2: -The Decimal Series The amended Act came into force with effect from 1st April 1957. The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 ‘Paisa’ instead of 16 Annas or 64 Pice.

Detailed explanation-3: -The committee then put plans in place to introduce the new currency. Decimal Day was set for 15 February 1971, when the new coins would be introduced. It was a momentous day for the national currency, and the beginning of a period of planning and changes for The Royal Mint.

Detailed explanation-4: -Aryabhata and other mathematicians of ancient India first adopted the decimal system of numbers and place value system writing numbers the way we do today.

Detailed explanation-5: -Russia converted to a decimal currency under Tsar Peter the Great in 1704, with the ruble being equal to 100 kopeks, thus making the Russian ruble the world’s first decimal currency.